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Aegon appoints new distribution chief

Aegon executive chairman of distribution Patrick Gale has left the firm and will be replaced by UK strategy director Rob Waller.

Gale (pictured) joined Aegon as chairman of the distribution board in March 2010. He was subsequently made executive chairman of distribution in June 2011 to “ensure strong operational performance” for Positive Solutions and Origen, Aegon’s two distribution businesses.

Waller’s appointment as Gale’s replacement is subject to FSA approval.

Aegon UK chief executive Adrian Grace says: “Rob has been central to the development of the Aegon UK strategy and has been working closely with both Origen and Positive Solutions over recent months in order to ensure a smooth transition of responsibilities.

“His recent contribution to Aegon UK as strategy director has recognised the significance of evolving intermediary business models and he is well placed to lead Positive Solutions and Origen’s development.”

Origen and PosSol have recorded a series of combined losses in recent years. Losses were £5m in 2010 and £6m in 2011.

The two businesses also reported combined losses of £2m in the first nine months of 2012.

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